Thailand May Pilot Bitcoin Payments in Tourism Sector

In Brief:

Former Prime Minister Thaksin Shinawatra proposed using Bitcoin for tourism payments, starting with a pilot project in Phuket.

The Bank of Thailand currently prohibits cryptocurrency payments, but discussions with the SEC could pave the way for regulatory sandboxes.

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Thailand’s growing interest in cryptocurrency adoption continues, as former Prime Minister Thaksin Shinawatra has suggested a pilot project for using Bitcoin in the tourism sector. Thaksin, a strong advocate for cryptocurrencies, believes that integrating Bitcoin payments into Thailand’s tourism industry could attract tech-savvy visitors and foreign investors.

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The proposed project would use Phuket as a testing ground, aligning with Thailand’s strategic reliance on tourism and foreign inflows. Nirun Fuwattananukul, CEO of Gulf Binance, highlighted the potential benefits, noting that integrating cryptocurrencies could strengthen Thailand’s economic position.

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However, the Bank of Thailand currently prohibits cryptocurrency payments, citing concerns over financial stability. For the pilot to move forward, collaboration between the Bank of Thailand and the SEC would be necessary.

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Thaksin also suggested issuing stablecoins backed by government bonds to boost liquidity, urging Thailand to align itself with global crypto trends. The country’s crypto adoption rate, at 21% of the population in 2024, demonstrates a strong foundation for further experimentation.

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